Equity-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Equity-based Compensation Expense Categories In Consolidated Statements of Operations and Comprehensive Income (Loss)

Cullinan recorded equity-based compensation in the following expense categories in the consolidated statements of operations and comprehensive income (loss) for the three and nine months ended September 30, 2023 and 2022:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
	(in thousands)
General and administrative	$	4,536	$	4,163	$	13,412	$	12,297
Research and development		3,204		1,108		9,507		8,147
Total equity-based compensation	$	7,740	$	5,271	$	22,919	$	20,444

Schedule of Assumptions Used to Estimate Fair value of Market-Based RSUs Granted

The grant date fair value was estimated at the time of grant using the Black-Scholes option-pricing model using the following weighted-average assumptions in the nine months ended September 30, 2023 and 2022:

	Nine Months Ended September 30,
	2023	2022
Risk-free interest rate	3.9%	2.4%
Expected term (in years)	6.0	6.0
Expected volatility	79.1%	79.5%
Expected dividend yield	0.0%	0.0%